holy crap, highway use tax - do I have this right?? (Raleigh: low income, loan)

[Bobb]

I bought a car this year, new, I paid $380 Highway Use Tax. Thanx....the roads still s..k and you only can drive about 70.

[NCN]

Originally Posted by runhao_hu

How about leasing? Will they charge the same 3% of market value?

To tell you the truth, if you are new to NC, as I do, you will find that tax burden here is higher than a lot of states, including MA. The only tax that is cheaper is the real estate tax per sq. feet. Other than that NC might give some tax incentives to Corporations if they can create local job opportunites.

Let's face the truth. NC is not a heaven, but it is a very nice place to raise family, because you will need larger house ...

Of cause, the whether (except summer) is nice.

Are you suggesting that we should give tax incentives to Corporations so they can create more jobs so more people will move here. Why would we want to do that? Companies come here on their own without incentives.

Life is a little more fair when everyone pays his own way. That's called taxes. If you want a free ride you will have to go to another state.

[UNCMetsGal]

People are confusing the Highway Use Tax (one-time tax) and the Annual Property Tax.

To the original poster: You will pay the HUT ONCE, and you will pay Property Tax on your vehicle(S) annually -- this includes boats, trailers, jet skis, cars, motorcycles, etc.. Each is billed, and each is based on the state's "blue book" value of your vehicle(S).

[SunnyKayak]

Originally Posted by North Carolina Native

Are you suggesting that we should give tax incentives to Corporations so they can create more jobs so more people will move here. Why would we want to do that? Companies come here on their own without incentives.

But some companies do come here due to tax incentives

Dell

That new Google Server Farm

Honda Jets

edit
crap I got pulled in lol um on topic. Dont forget the annual property tax on any registered vechicle.

[mm34b]

Originally Posted by Bobb

I bought a car this year, new, I paid $380 Highway Use Tax. Thanx....the roads still s..k and you only can drive about 70.

Were you a NC resident at the time of purchase?

[Bobb]

Originally Posted by mm34b

Were you a NC resident at the time of purchase?

Yes I was.

[Asheville Native]

NC politicians have never seen a tax or fee they didn't like, even cities.

I pay my annual property tax on my vehicles, for both the county, and the city, then the city has the nerve to tack an additional $10 vehicle fee onto the same tax bill. NC also has one of the highest gas taxes in the country, plus the $30 OBD inspection, for revenue of course, and the annual renewal for license plates.

[lamishra]

Originally Posted by RaleighCEPark

People are confusing the Highway Use Tax (one-time tax) and the Annual Property Tax.

To the original poster: You will pay the HUT ONCE, and you will pay Property Tax on your vehicle(S) annually -- this includes boats, trailers, jet skis, cars, motorcycles, etc.. Each is billed, and each is based on the state's "blue book" value of your vehicle(S).

Exactly. You will only pay this tax at the point of title transfer, which was whenever you got the title. AFter that, you have to pay annual property tax which is a %age of the current value, not the purchase price. You should have already paid the HUT when you got the car.

[silverwing]

Originally Posted by lamishra

.... you have to pay annual property tax which is a %age of the current value, not the purchase price.

Property tax on vehicles which decreases due to depreciation. I keep a spreadsheet that lists those numbers for the last 5 years. It gets a little ridiculous; it probably cost as much to send me the bill and process the return for the $2 property tax I owe on an old hauling trailer as the tax itself

Anyway, keep those statements. They become a deduction on your income taxes.

[swbtoo]

Originally Posted by silverwing

Anyway, keep those statements. They become a deduction on your income taxes.

a bit OT - but, is the general sales tax also deductible on the federal income taxes?